DEAR JEFF: Against my better judgment, I agreed to co-sign a car loan for my daughter. She is now behind on payments, and they are threatening to repossess the car. If it is repossessed, is there a way I can keep that off of my credit history? I’ve worked hard to maintain good credit, and don’t want it damaged. Signed, “Should’ve Known Better”
Dear “Should’ve Known”: Unfortunately, there is not much you can do other than to pay the car note yourself. Once you agreed and co-signed the note, you are responsible for the loan if your daughter defaults in making payments.